The government of Egypt plans to issue a green bond in the Chinese capital markets by the end of June this year. The Green Panda bond with a face value of $500 million will be issued in Chinese Renminbi.
In a recent meeting in Egypt with President Abdel Fattah El-Sisi, the African Development Bank Group, Dr. Akinwumi Adesina chief praised Egypt’s bold efforts to tap into private sector finance for green growth initiatives.
Dr. Adesina said, “This will be the first time for an African country to issue a bond in the Chinese capital markets.”
AfDB‘s Board of Directors will in the next couple of months discuss Egypt’s request to provide a partial credit guarantee of $345 million to support the issuance of the bond.
The Green Panda Bond will be the latest among several other bonds that Egypt has issued since 2020 when it launched its Green Financing Framework.
It was also announced during the visit to Egypt by Adesina and his AfDB delegation, that the North African country will host the Bank Group’s 2023 Annual Meetings scheduled for 22-26 May in the resort city of Sharm El Sheikh. Up to 13 heads of state and government are expected to join the Bank’s Governors, executive directors, development partners and management at the meetings to discuss Mobilizing Private Sector Financing for Climate and Green Growth in Africa.